Thu, 17 Feb 2011

Seoul (ANTARA News/Yonhap/OANA) - South Korean companies plan to invest US$12 billion in Indonesian business sectors such as steel, power production and distribution, the government said Wednesday.

The Ministry of Knowledge Economy said the investment plan, unveiled at a bilateral meeting of senior policymakers in Seoul, will help the two countries have mutually complementary economic structures.

At the meeting, South Korean businesses such as POSCO, Hankook Tire, LotteMart and Korea Midland Power outlined investment plans in the Southeast Asian country, including a $6 billion steel mill.

Other companies that expressed a wish to increase market presence are Daewoo Shipbuilding and Marine Engineering, SK Energy and Hyundai Motor, the ministry said.

In addition to business investments, the ministry said Seoul plans to offer Jakarta its knowledge sharing program that can help plot a course for sustained growth, and to engage in development projects that would allow South Korean companies to gain greater access to natural resources in exchange for building the island nation`s infrastructure.